LSETF MSME Loan Program 2024 by the Lagos State Government

Applications are invited from suitably qualified applicants for LSETF MSME Loan Program by the Lagos State Government. This post is going to show you what this loan is all about, the requirements and how to apply for the loan. You have to follow this article till the end to get the right information here.

The LSETF MSME loan program is a financial initiative established by the Lagos State Employment Trust Fund (LSETF) to provide accessible and affordable loans to Micro, Small, and Medium-sized Enterprises (MSMEs) in the state. The program aims to support entrepreneurs and business owners in expanding their operations, creating employment opportunities, and contributing to the growth of the local economy.

Key features of the LSETF MSME Loan Program

The program offers loans ranging from ₦500,000 to ₦5 million, depending on the business size and requirements. The interest rate on the loans is fixed at 9% per annum, making it highly competitive compared to other commercial lending options. Repayment period can be extended up to 36 months, providing flexibility for businesses to manage their cash flow effectively.

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It operates on a collateral-free basis, eliminating the need for traditional forms of security, which can be a significant barrier for MSMEs. This also means that there will be no need for collaterals when applying for this LSETF loan program for MSMEs in Lagos state.

Application Requirements

To qualify for the loan, businesses must be registered in Lagos State, have been in operation for at least six months, and meet specific sector-specific criteria.

  • Tax ID (LIRS)
  • Valid government issued identity card
  • TIN number (FIRS Tax Identification Number)
  • Valid CAC documents
  • Bank Verification Number (BVN)
  • 2 passport photographs
  • 12 months corporate bank statement
  • Business must be registered with CAC and operational for at least a year

The application process is simplified and can be completed online through the LSETF website. Businesses are required to provide basic information, financial statements, and relevant documentation as listed above to support their loan request. Once the loan application is approved, the funds are disbursed directly into the business’s bank account, ensuring quick access to capital.

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LSETF provides ongoing monitoring and support to loan recipients, including business advisory services, training programs, and mentorship opportunities to enhance their entrepreneurial skills and business growth.

The LSETF MSME loan program plays a crucial role in addressing the financing challenges faced by MSMEs in Lagos state. By providing affordable loans, flexible repayment terms, and valuable support services, the program empowers entrepreneurs to scale their businesses, create jobs, and contribute to the economic development of the state.

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